Small business loans coronavirus bank of america Today's maverick minute... Sba disaster loans. Has your business been impacted by covid-19? Let’s dive in and explore the economic injury disaster loan program. 


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Small business loans for coronavirus


The small business administration offers low-interest loans to help small business owners after a disaster. Fema recommends to apply for an sba loan to cover gaps in insurance coverage or to provide bridge funding before the insurance check arrives.



Small business loans for coronavirus:

With the coronavirus pandemic affecting so many small businesses, we are gonna focus this video on the sba's economic injury disaster loan program the sba’s eidl program is an opportunity for small businesses to receive working capital of up to $2 million dollars. So, who is eligible for an economic injury disaster loan program?



First, you'll need to be located in a disaster declared county or a contiguous county. So if you are experiencing hardship that is unrelated to covid-19, you’ll have to check to see if your region qualifies for an eidl. However, in response to the coronavirus pandemic, small business owners in all us states, washington dc and territories are eligible to apply for an economic injury disaster loan advance of up to $10,000. The cares act, signed into law on march 27, 2020 established several temporary programs to address covid-19. 



Among these new programs is the eidl loan advance. Upon a successful eidl application, advance funds, up to $10,000 will be made available within days! This advance loan will not have to be repaid. Now, eligibility for this program is open to small businesses with less than 500 employees. This includes sole proprietorships, independent contractors and self-employed persons. Also, private non-profit organizations or 501(c)(19) veterans organizations affected by covid-19. And also, some businesses may have more than 500 employees if they meet the sba’s size standards in their particular industry. 

The sba is expecting small businesses to run into problems in a number of different areas such as capital access workforce capacity inventory, or supply chain shortfalls or marketing needs, just to name a few. The eidl offered for covid-19 affected businesses can be used to pay debts, payroll, accounts payable or other expenses related to difficulties caused by the virus. Note that you must not have other sources of credit available to qualify for these loans. The interest rate is 3.75% for small businesses and 2.75% for nonprofits.

The maximum term length is 30 years, although the terms will vary, depending on your circumstances. In addition to your business being located in an officially declared disaster area, there are some other guidelines to keep in mind when it comes to eligibility. The sba will perform a credit check. If you need more than $25,000, the sba will likely require collateral to secure your loan. Now, the economic injury disaster loan program is set up to be as accessible as possible so you’ll be considered whether you have collateral or not.

To understand more about what lenders look for, check out our 5cs of credit video! For more information on the sba disaster loan program and application process, i invite you to read our full articles at our website. 


Free coronavirus resources for small business owners:


If you are a small business owner, and you're going through it or you're scared to death about this corona situation, i have great news for you. I was provided with a list of resources for small business owners, for bar workers, full workers or anybody that may be affected business wise, from this epidemic. So today, that's what we're gonna talk about.

If you know someone that has a small business or that's laid off or not getting work or even reduced hours, please share this video with them and let's get to it. (rock music) what's going on guys, my name is ty turner and if this is your first time on this channel, this channel is about the business side of content creation. We're here to turn your passion into profit. In fact, we've created a whole website, flashfilm academy, which is designed to help you with the business side of content creation, but what we're talking about today, affects all businesses.

 
Not only just business but also people who are in the industry that operate similar to a business. Today i was provided with an article that had a list of things that i wanted to share with my platform, a list of resources and articles and help, so that you can have what you need to make it.

This list was created by this group here, and i wanted to make sure that i post all of their names together so you can see everything and see who's responsible for this list that you're getting ready to receive. It's also updated as much as literally possible, it's a live document on google documents, that they update almost all the time. So, let's talk about what's on this document. Before i even get started, the link to this document is in the description, it should be the first thing you see in the description, but let's go over what's in the document.

The first section provides tons of information and articles about small business help. What's available, what you can and can't do during times like this. My favorite article out of this list is an article that was published by forbes magazine, on march 20th that kinda gives you an outline of their top places to go to for relief if you are a small business.

The second section talks about financial aid. Here you'll find a list of places that's providing financial help, like loans and grants. One of my favorites on this list is the facebook small business grants program, that's providing $100,000,000 in cash and up to $30,000 in ad credits for small businesses. There's also a list of companies that's providing relief for restaurants or bars and food service workers, that you may wanna check out or share this video with anybody who may be in that industry that you know.

The next section is about legal advice. It's a group of lawyers who provide articles that tell you the dos and donts, what you can and can't do, during this situation. What's great about this section is they also provide information for people who are not in the united states. 



So, you may wanna check and see if they have information that pertains to your country. Then there's a section for employees, not just employers but those who have lost a job or have reduced hours, how can they find relief? You can definitely go through there and see what works best for you but i promise you, there's probably something there that can help you out. Last but not least, there's a section that provides inspiration. Now, what's just a lot of drama going on right now in the world, a lot of bad and sometimes, you need to read things that kinda get you feeling good, kinda get you going a little bit so that section provides that. Most of this document covers the united states, however, there are some things in the document for those who are outside the united states.

There's an email provided on the document, if you know of any services that should be added to this document to help others, this document is two easy payments of free, 99. So, please share this video with people you know, who need this information. Please post this video in forms or groups where people may benefit from having this information.

If you know of some places and wanna talk about anything in particular, please make sure you post them in the comments. Again, while you have downtime, if you're in a position to, i hope you're taking advantage of this time to build your brand, to build your business, so that when the market turns, you can come out on top. I hope you all have a great day and i hope this information has been of some value to you.



So click the links and drop us your questions in the comments below. And don't forget to subscribe to our channel to get more information, guidance and support! See you next week! Check out our small business loan playlist, and don't forget to click the bell to get the notifications!